Source, Global Ag Media/The Pig Site, 6 October 2020
As negotiations on a post-Brexit trade deal between the United Kingdom and European Union reach their final weeks, PM Johnson says the UK could trade with the EU on similar terms to Australia in case no deal is reached.
However, Reuters reports that Australia is not completely happy with its trade arrangements with the European Union. Currently, Australia is pushing for greater market access that can only come with a formal trade deal with the 27-member bloc.
As it stands now, the bulk of Australia’s €15 billion ($18 billion) exports to the EU are subject to tariffs and quotas set under basic World Trade Organisation (WTO) terms.
That’s why Australian exporters are backing Canberra’s moves to strike a new free trade agreement (FTA) with Brussels so they can get the certainty they need to invest and plan.